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3

Having existing accounts would never disqualify you from opening another account type. The ability to start the new account is based on other factors. In your case it's simply a question of whether you have taxable compensation (money earned by the sweat of thy brow) which you apparently do since you have a 401(k), and have not exceeded the annual deposit ...


0

Yes, anyone with earned income can make nondeductible contributions to a traditional IRA.


1

For brokers that offer spreads in an IRA account, a short call is considered covered if you own a call with same or lower strike price with the same or longer expiration. If you close the short call, you own a long call. At any time, you can sell another short call as long as it meets the aforementioned 'covered' requirement. If you check your Fidelity ...


3

If you (or your spouse) were covered by an employer retirement plan any time during the year (which for 401(k) means you or your employer contributed to your 401(k) any time during the year), the relevant income limits apply for deducting that year's Traditional IRA contributions. This means that even if you contributed to an employer 401(k) on January 1st ...


5

You don't deduct taxes for Traditional IRA contributions as the title of your question says; in some circumstances, the law permits a taxpayer to deduct the Traditional IRA contribution from gross income is arriving at the Adjusted Gross Income (AGI) which is what can be subject to taxation (subject to additional rules). Taxpayers in this fortunate situation ...


2

Looking at my retired income, small pension, income from rental, and SS they add up to close to my peak earning income. Also, I used to have dependent care and paid interest on my mortgage that I could deduct so my taxable income was reduced in ways it isn’t today. I made deductible IRA and 401K contributions, but in hindsight I wish I had done a 50/50 split....


2

Focusing on the portion where you ask: Assuming all of that is true, it seems more likely to me that the Traditional is better as I am very most likely to be pulling/making less money from my IRA in retirement than the money I'm making now, as is the likely case for most I'd think. So where's the Roth appeal? The most obvious case where a Roth is much ...


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